AboutFinance Guy Expertise 1. All questions relating to finance
2. All practical aspects of mergers and acquisitions
3. Many general business questions
Experience Considerable experience in the area consisting of 25 years in both consumer and commercial finance and business management, including 15 years specializing in international Mergers and Acquisitions with over $100 billion in assets acquired
Education/Credentials Business administration undergrad
Wharton post grad in finance
Awards and Honors numerous corporate awards
Past/Present clients range from small enterprenurial companies to large multinationals
Question I'm looking to purchase an established fast food restuarant. It has been in business at the location for 20+ years. The owner is wrapped up in other ventures. I have been managing the business for the past year and a half. My problem stems from a recent history of bankruptcy. I do own my car and owe $45000 on my home valued at $77000. I also have a life insurance policy of greater value than the business. I have a little money to put down, but certainly not the required 10 to 20%. Is there anyway possible to get financing for this? Before I make a fool out of myself at a bank.
Answer With your recent BK and resultant credit scores, the bank will certainly say no.
But ask for seller financing.
Work out a deal with him.
He will probably consider second mortgage on your house and a lien on your car.
But careful, you will be "betting the farm" on this restaurant venture.
